Maersk Line, Hamburg Sud Offer Merger Concessions to Gain EU Approval
Posted by Eric Haun
Wednesday, March 22, 2017
Maersk Line, the world's biggest container shipping firm and part of Danish conglomerate A.P. Moller-Maersk, has offered concessions to EU antitrust regulators in an attempt to get approval for the takeover of German rival Hamburg Sud.
A ruling on the deal, one of several in an industry seeking consolidation to offset low freight rates and oversupply, will now be given by the European Commission by April 10, according to the commission's website on Wednesday.
The deadline was initially set for March 27 but the EC said it has extended its review as the firms have now offered concessions to address regulatory concerns.
(Reporting by Stine Jacobsen; Editing by Greg Mahlich)